Opioids Market to reach US$ 28,436.8 Mn by 2021

An opioid is a type of narcotic pain medication that is used to treat moderate to severe pain. It is used as an anesthesia, cough suppressant, diarrhea suppressant and to reduce surgical pain, injury or trauma, cancer pain and pain arising from disease. Opioids are largely used in cancer pain management and end-stage diseases in which palliative care is required. However, these can be addictive due to their analgesic nature.

The global opioids market was valued at US$ 33,924.2 Mn in 2014. North America was the leading market for opioid, accounting for approximately 65% revenue share in 2014, followed by Europe with around 20% share in 2014. Factors such as increasing palliative care facilities, reformed regulations for prescription of opioids, and extensive focus of generic manufacturers towards Abuse-Deterrent Formulation (ADF) are expected to drive the growth of the opioids market in North America and Europe. Asia Pacific market is expected to register highest CAGR of 3.5% during the forecast period (2015–2021), followed by the North America. Increased focus on palliative care and rising healthcare expenditure are leading factors which promote the growth of opioids in Asia Pacific.

The global opioids market has been estimated to be valued at US$ 34,888.0 Mn in 2015 and is anticipate to garner US$ 42,158.8 Mn revenue by 2021, registering a CAGR of 3.2% during the forecast period.

By product, the morphine and codeine segments collectively accounted for around 62% of the overall market in 2014. Uncontrolled prescription, development of opioid tolerance towards morphine and codeine would raise the demand through 2021.

By application, analgesia segment was valued at US$ 22,776.3 Mn in 2014 and is anticipated to reach US$ 28,436.8 Mn by 2021 at a CAGR of 3.3% over the forecast period.